Greek eco tanker owner and operator Top Ships has firmed up more employment for one of its product tankers and completed a refinancing package tied to four vessels, as the New York–listed owner continues to reshape its balance sheet.
The company said it has agreed a three-year extension with Denmark’s Weco Tankers for the 50,000 dwt MR Eco Marina Del Rey. The new charter is fixed at $18,250 per day, adding an estimated $20m to Top Ships’ revenue backlog.
The move comes as the fleet’s commercial coverage remains a priority for the Evangelos Pistiolis-led outfit, which has focused heavily on locking in term business for its eco tankers this year.
Alongside the charter news, Top Ships confirmed it has closed the previously announced sale-and-leaseback financing with a major Chinese lender covering two VLCCs, one suezmax, and one MR tanker. Gross proceeds from the transaction, after repaying prior debt, amounted to about $27.2m. The company said the financing improves liquidity while maintaining operational control of the vessels.
Top Ships currently controls a fleet of modern MR, suezmax and VLCC tonnage, all fitted with fuel-efficient technology and placed predominantly on medium to long-term charters.
